HONG KONG, June 14 (Xinhuanet) -- The two-day International General Meeting of the Pacific Basin Economic Council (PBEC) concluded here on Tuesday.

Business leaders and government officials reached a consensus during the meetings that Asia-Pacific countries and regions have to enhance regional cooperation in a bid to set the pace for the global economy.

Some 500 participants representing over 20 PBEC members shared their views on topics covering world trade and globalization, energy and environment, social commitment of enterprises, war, terrorism, disaster and disease.

Chinese Vice Premier Wu Yi delivered a keynote speech on Monday and called on Asia- Pacific countries and regions to step up cooperation in seeking common progress and prosperity by integrating into the process of world economic development.

She said the economic development of the Asia-Pacific region is now facing new opportunities and challenges in the new century.

Therefore, she added, Asia-Pacific countries and regions must increase cooperation; promote development so as to realize a win-win situation.

The Chinese official said China is willing to further expand economic cooperation and trade exchanges with countries and regions in Asia-Pacific and the world as a whole, and promote dialogue and exchanges with them on the basis of equality and mutual benefit, mutual respect, coexistence in peace, and harmonious development.

Malaysian Prime Minister Abdullah Badawi also addressed the meeting Monday. He said different places within Asia have their comparative advantages, which can be woven into a very strong, and profitable value chain. He suggested business leaders do well to tease out the differences and use them to their advantage.

Badawi also advised business decision-makers not to concentrate resources on one location because of differences within Asia, which he believed is a "short-sighted approach."

Robert Lees, former president of the PBEC said in an interview with Xinhua on Tuesday that the Asia-Pacific region is a growing power in the world economy.

He added that the Atlantic region is certainly powerful in the past and even at present, but its level of market maturity will make it comparatively less so in the future. He noted that the United States, the world's largest economy is attaching more importance to the Pacific side in recent years.

The "China Boom" was a hot topic during the meeting. Participants agreed that the sustained and healthy development of the Chinese economy would contribute to the common prosperity of the Asia-Pacific region.

Former US Secretary of State Colin Powell noted Tuesday that sound Sino-US relations will not only benefit the two countries, it is also important to the rest of the world. He said the United States and China not only have a strategic partnership, but also have a complementary relation.

He urged the Asian countries and the region to seize the good opportunities for their economic development.
According to Lees, Executive Advisor and Director Key Accounts at BearingPoint, the development of Chinese economy is already contributing to and propelling the regional economy. He noted that China is not a threat, but a contributing force to the economies of its neighbors.

He said US and Japanese consumers are enjoying quality made-in-China products with relatively low price, which have raised their living standards. Other relatively underdeveloped neighbors are also benefiting since China imports more from these countries, which is helpful to their economy.

PBEC set up in 1967 and headquartered in Hong Kong, groups 1,000 companies in 20 economies bordering the Pacific Rim and beyond. For nearly four decades, the Pacific Basin Economic Council has pioneered initiatives supporting Asia-Pacific prosperity and growth.

Serving as an independent voice of business in the Pacific, PBEC offers a venue for the diversity of industries, services and professions that have made the Pacific Basin the world's growth leader.